Bitcoin Slides Below $77K as Hamilton Files Leveraged BTC ETF, Coinbase Premium Sinks

Bitcoin News

Bitcoin slid beneath the $77,000 threshold on Thursday, with sellers wresting control after a multi-week rally cooled. The drop pierced the closely watched true market mean at $78,300, a level on-chain researchers describe as the historical dividing line separating bear and bull regimes. A sustained breach beneath that band would suggest the recent rebound represented a local top within a deeper corrective phase rather than a durable trend reversal. Traders are now eyeing $76,000 as the next pivotal floor, with a daily close below that mark expected to invite further downside toward the broader trend support that has held since the spring rebound.

Canadian asset manager Hamilton ETFs lodged a preliminary prospectus for an actively managed Bitcoin income product designed to layer covered-call writing and modest leverage atop direct BTC exposure. The proposed Hamilton Enhanced Bitcoin DayMAX ETF would cap borrowing at roughly 25% of net asset value and seek monthly cash flow by selling short-dated options against its underlying holdings. The fund is earmarked for a Cboe Canada listing under ticker BDAY, pending regulatory approval. Hamilton, which oversees approximately $16 billion in assets, has positioned the offering inside its DayMAX lineup, an existing family that trades zero-days-to-expiration contracts.

Recent market data shows the Coinbase premium has collapsed in tandem with spot weakness, a signal often associated with distribution from larger North American holders. The metric, which measures the gap between Coinbase's BTC pair and offshore venues, has trended lower for several sessions, hinting that institutional desks are trimming exposure rather than adding into the dip. Analysts highlight that fading exchange premiums historically precede stretches of softer price action, as passive demand from US-based vehicles loses momentum. Coupled with the dip in spot ETF inflows over the same window, the reading reinforces concerns that Bitcoin's near-term momentum is fragile.

The Hamilton filing reflects a broader pivot among issuers from passive spot vehicles to actively managed crypto products that aim to harvest options premium. BlackRock submitted paperwork in January for an iShares Bitcoin Premium Income product, while Bitwise rolled out an active fund spanning Bitcoin, precious metals and mining equities the same month. T. Rowe Price has updated filings for a discretionary crypto ETF holding Bitcoin, Ether and Solana directly, and Goldman Sachs lodged its own Bitcoin income concept built around call writing on spot BTC ETPs. Asset managers increasingly frame digital assets as a category where active oversight can meaningfully shape risk-adjusted returns.

Independent chart work circulating among traders points to the weekly super trend at roughly $88,000 as the line that must be reclaimed before any credible argument for a bull market revival can be made. Historical analogs from the prior two bear market bottoms required a +20% weekly candle accompanied by a clean break through that indicator, a setup not yet present on the current chart. With BTC rejecting the 20-day exponential moving average near $78,280, the burden of proof now sits with buyers. A reclaim of $82,000 would restore short-term momentum and open a path back toward the $84,000 ceiling.

The proliferation of 0DTE options as the engine for crypto income products underscores how rapidly derivatives infrastructure around Bitcoin has matured. Same-day expirations allow funds to recycle premium at an accelerated cadence, smoothing distributions during quieter tape conditions. According to industry data, active ETFs collectively held close to $1.8 trillion in assets globally at the close of 2025, a figure that has lured both legacy fund houses and crypto-native sponsors into the structured income arena. As issuers compete for monthly-yield mandates, expect more filings combining leverage caps, covered-call overlays and tactical hedging tied directly to BTC and altcoin spot exposure.

Bitcoin trades near $75,952, down roughly 2.26% on the session, with market capitalization slipping to about $1.52 trillion and 24-hour volume near $13.8 billion. The setup is bearish: RSI at 41.75 sits in weak territory without yet reaching oversold, while the MACD prints a bearish cross consistent with the prevailing downtrend. Immediate support clusters at $75,096, with deeper floors at $72,692 and $70,280 if selling accelerates. Resistance begins at $76,453, then $78,775 and $80,531. A reclaim of $78,775 on strong volume would invalidate the bearish thesis; a daily close beneath $72,692 would confirm continuation toward the $70,280 zone.